Context: With 63.7 per cent of the population below the age of 30, an unemployment rate of 19.2 per cent for persons aged 15 to 29, and an extensive foreign employment outflow, Nepal has a pressing need to promote the employment of its younger population. An effective way of doing so is by providing young people with the skills and confidence to become generators of employment themselves. In this sense, one of the 2010 National Youth Policy’s main objectives is to enhance the entrepreneurship and innovative aptitudes of Nepal’s youth.
Implementation of programme/ initiative: The Nepalese Young Entrepreneurs’ Forum (NYEF) is a membership based non-profit organization which brings together young entrepreneurs within Nepal. The forum promotes the exchange of ideas and experience between its members and offers opportunities for fellowships, education and training. Members are between 18 and 40 years old and hold a controlling stake in a business. It was instituted in 2003 by the Federation of Nepalese Chambers of Commerce and Industries.
Results achieved: The forum prides itself on being a successful platform for new business ideas to flourish. Through regular intensive training programmes, skill development workshops and practical boot camps, NYEF strengthens its members’ capacities in key business skills. By mid-2019, the forum has already held workshops on several topics, including digital marketing, investment and access to capital. It has also offered its members training opportunities in more precise themes, such as intellectual property and search engine optimization. Moreover, through its incubation programme “Enterprise”, launched in 2015, NYEF has proven to be key in the development of new business ventures by introducing innovative ideas to potential investors.
NYEF has also founded and hosted other important Nepalese youth forums and associations, such as the Young Entrepreneurs Forum and the Women Entrepreneurship Summit. Furthermore, its “Made in Nepal” campaign runs regularly since 2006, hosting a yearly music and food festival to promote the consumption of Nepalese products.
Main challenges: NYEF provides an international platform for entrepreneurs through direct network linkage with 15 countries. However, within Nepal, most entrepreneurs limit their search for business opportunities in the capital and most enterprises are concentrated in the Kathmandu Valley. Against this background, the forum is challenged with expanding business opportunities within the country itself. In order to promote business opportunities in different regions of the country and build a nationwide network of entrepreneurs, NYEF aims to soon expand its presence from nine to 21 districts throughout Nepal.
Furthermore, Nepalese culture is less tolerant to failure than other countries and this restrains young people’s confidence to undertake new ventures. Moreover, financial institutions seldom promote businesses that have failed in initial stages. This is especially the case in less developed regions of the country, where small entrepreneurs, especially businesses and start-ups, have limited financial access. In this regard, one of NYEF’s main challenges is to decrease entrepreneurs’ fear of failure by offering collective support, encouragement and practical help for them to invest in the development of new business ideas.
Moving Forward: In response to the lack of technological and technical knowledge in most small and medium enterprises in Nepal, NYEF aims to push the country towards modern trends in business practices. It aims to run a campaign called “Start-up Nepal” to develop a prosperous environment for start-ups in the country. Within the framework of the campaign, NYEF will work closely with the Ministry of Industry to produce policies that can support, in particular, the development of start-ups in the country.
Replicability: By serving as an effective platform that brings together entrepreneurs under a common goal and sense of identity, NYEF helps boost its members’ confidence and promote the growth and development of their business ideas. Moreover, the forum is more than just a tool for individuals’ training and capacity building. By grouping young entrepreneurs under a shared purpose and collaborating directly with the government in the development of policies, NYEF serves as a vital platform to advocate for modernity and change in the business practices of Nepal and boost the country’s employment rates.
Acknowledgement:
This good practice was kindly prepared by Ms. Victoria Mulville.
References:
https://www.ilo.org/youthmakingithappen/PDF/2m_Nepal_Nepalese-Young-Entrepreneur-Forum_26Nov07_.pdf
https://www.facebook.com/pg/NYEFNEPAL/posts/
https://www.blincventures.com/nyef-held-5th-young-entrepreneurs-summit-women-2019/
https://www.ilo.org/kathmandu/areasofwork/employment-promotion/lang–en/index.htm
https://www.youthpolicy.org/national/Nepal_2010_National_Youth_Policy.pdf
https://www.facebook.com/NYEFNEPAL/photos/p.1538516976283409/1538516976283409/?type=1&theater
Project Details
Date: August 23, 2019